31 July 2024director officer appointment● Neutral
CFO Uno Makotsvana also becomes Company Secretary, after Cate Friedlander resigned from that role on 30 July 2024. Administrative change.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 July 2024investor presentation● Neutral
Shareholder webinar slides on the Block 9 update, announced earlier. The extract shows only the disclaimers and agenda, with no new results visible.
11 July 2024quarterly activities report▼ Bad
June quarter report: Alameda-3 reached 3,880mMD but neither the Marti nor Alameda tests flowed oil to surface, and the well is suspended while studies continue. Cash fell to $12.4m from $16.4m. Unit 1A prospective resource estimated at 32 million barrels (70% chance of discovery).
9 July 2024investor presentation● Neutral
Notice of an investor webinar on 11 July 2024 on the Amistad Unit 1B development plan and the Alameda-3 results. This is an invitation only, with no new results.
27 June 2024well test result▼ BadMajor
The Alameda reservoir test also failed to flow oil to surface, with only 14% of load fluid recovered, matching the Marti failure. Melbana is unsure whether the cause is emulsion or rock-mud reaction, and will suspend the well to plan remediation. It says the Unit 1B plan for first export this year is unaffected.
25 June 2024flow test result● Neutral
Flow testing began on the Alameda reservoir over 3,272-3,450mMD, planned for up to 5 days. Preliminary lab results put the Marti oil at 18.9°API with 2.3% sulphur. Melbana says the Marti test shortfall may reflect emulsions, and has adjusted this test design.
17 June 2024well test result▼ BadMajor
Alameda-3 reached 3,880mMD, but the Marti reservoir test did not flow oil to surface; oil was only recovered on reverse circulation. Melbana suspects emulsions in the test string. This is a setback versus Alameda-1, where Marti oil flowed unassisted. Testing moves to the Alameda reservoir.
7 June 2024investor presentation● Neutral
Chief Commercial Officer's presentation on Australian offshore opportunities (AC/P70, NT/P87, WA-544-P) at a Singapore conference. The extract shows only the cover note and disclaimers, with no new information.
22 May 2024drilling progress report● Neutral
Alameda-3 logging in the Alameda reservoir was completed with good data, but a stuck setting tool delayed drilling; it was retrieved and the liner integrity confirmed. Drilling resumes shortly toward about 3,835mMD. Field development plan was presented to Sonangol and the regulator, targeting first Unit 1B oil sales by end-2024.
16 May 2024investor presentation● Neutral
Exploration Manager's technical presentation on Cuba to a PESA lunch in Brisbane. The extract shows only the title and disclaimers, with no new results visible.
2 May 2024price query● Neutral
ASX queried a share price move (high $0.056 to low $0.043) and a jump in trading volume. Melbana replied it knew of no undisclosed information and had no other explanation, and confirmed it was complying with disclosure rules.
23 Apr 2024quarterly activities report● Neutral
March quarter report recaps the Unit 3 test, the maiden Unit 1B Contingent Resource (46 million barrels) and the 18-month Australian permit suspension. Cash was $16.4m, down from $20.1m in December. Alameda-3 had reached 3,645mMD after the quarter.
18 Apr 2024drilling progress report● Neutral
Alameda-3 reached the base of the Alameda reservoir at 3,645mMD, with elevated gas indicating hydrocarbons and two cores taken. Drilling was behind schedule, with a stuck tool and a pressure kick. Logging and a 7-inch liner come next, then the Marti reservoir.
25 Mar 2024resource reserve update▲ GoodMajor
McDaniel booked Melbana's first Contingent Resource in Block 9: 46 million barrels (100% basis) in Amistad Unit 1B's eastern area, plus 90 million barrels Prospective in the west. This compares with 30 million barrels Prospective for Units 1A and 1B combined before Alameda-2. Goal remains first export cargo before end-2024.
12 Feb 2024regulatory community update▲ GoodMajor
NOPTA approved an 18-month suspension of work conditions on WA-544-P and NT/P87 (100%), to 23 May 2025, with permit terms extended to 23 May 2028. This gives time to study the Hudson prospect (395 MMbbl mean oil) before any 3D seismic decision. Melbana still intends a partial farmout.
1 Feb 2024well test result● Neutral
Alameda-3 test of Amistad Unit 3 confirmed moveable oil at surface, with no formation water, similar to Alameda-2. Inflow was about 37 bopd, and the well killed itself, so no rate was measured. Drilling resumes toward the deeper Alameda and Marti reservoirs.
23 Jan 2024quarterly activities report● Neutral
December quarter report recaps Alameda-2 early production and the 15 December start of Alameda-3. Cash was $20.1m, down from $31.2m in September. The Amistad resource update is described as complete, but the extract does not show the new figures.
20 Dec 2023investor presentation● Neutral
Notice of an investor webinar on 20 December 2023 about Alameda-3 progress. The extract shows only the invitation and disclaimers, with no new results.
18 Dec 2023drilling spud▲ GoodMajor
Alameda-3 started drilling on 15 December 2023, planned to reach 3,835mMD in 95 days. It targets the Alameda and Marti reservoirs (179 MMbbl prospective). Unit 3 flow test is planned for late January, first deep flow test in March, and the certifier's Amistad resource report is targeted for February.
29 Nov 2023drilling scheduled● Neutral
Alameda-3 spud is now projected for the week of 11 December, slipping from November. Targets are the deeper Alameda and Marti reservoirs (179 MMbbl prospective, best estimate). Melbana expects Alameda-2 results to support a resource upgrade for the Amistad units, with the certifier to assess shortly.
16 Nov 2023investor presentation● Neutral
Presentation for the 16 November 2023 AGM. The extract shows only disclaimers and no new information.
2 Nov 2023production update▲ Good
Early production from Alameda-2 Unit 1B ran 10 days, delivering 20 tanker loads of oil to storage, peaking at 1,183 bopd. The well is now shut in to measure pressure build-up, which will inform the field development plan. Alameda-3 inventory is still arriving.
23 Oct 2023quarterly activities report● Neutral
September quarter report recaps the Alameda-2 test results already announced. Cash was $31.2m, down from $35.1m in June. Chris Thompson was appointed Chief Operating Officer. Alameda-3 is due to start in November, with early Unit 1B production beforehand.
16 Oct 2023agm notice● Neutral
Access letter for the AGM on 16 November 2023 in Melbourne. Meeting papers are online only, proxies are due 14 November, and questions by 13 November. Administrative only.
4 Oct 2023drilling progress report● Neutral
Alameda-3 remains on target to spud in November, with the rig on site and casing arriving. Early production from Alameda-2 Unit 1B is nearly ready and will pause when Alameda-3 drilling starts. Continues the plan set in September.
27 Sept 2023other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement. Administrative only.
27 Sept 2023annual report● Neutral
2023 annual report, with the chairman's letter recapping the disappointing Zapato-1 and the Alameda-2 results, including Unit 1B oil that was lighter than typical for Cuba. The Appendix 4G confirms the governance statement. No new figures in the extract.
20 Sept 2023production update▲ GoodMajor
Alameda-1 was plugged and abandoned as originally planned. Alameda-3 will spud in November 2023 to test the deeper Alameda and Marti formations. Early production from Alameda-2 Unit 1B is planned beforehand; 1,500 barrels of test oil have been trucked to a storage facility so far.
7 Sept 2023investor presentation● Neutral
Chief Commercial Officer Dr Chris McKeown will present at the RIU Good Oil & Gas conference in Perth on 7 September 2023. Notice only, no new information.
6 Sept 2023agm notice● Neutral
The 2023 AGM is set for 16 November 2023. Director nominations close 14 September 2023. Administrative only.